If you are a first-time homebuyer, did you know
that you may qualify for a subsidy to buy your first home and save thousands
over the period of the loan, by reducing the monthly repayments? The benefit also
applies to homeowners who have already taken transfer.
What is FLISP ASSISTANCE?
Finance Linked
Individual Subsidy Programme - FLISP
FLISP is the drive
by the Department of Human Settlements to provide a subsidy to allow aspiring
home owners to purchase a home, supporting your application to a bank for
finance to buy your own home.
If you earn too
little to qualify for mortgage finance to buy your own home, or you earn too much
to qualify for the Government’s free basic house under their RDP Housing
Subsidy Scheme, you may apply for the FLISP subsidy.
The once-off FLISP subsidy amount ranges between
R20 000 and R87 000, depending on monthly income. The less you earn, the higher
the subsidy. FLISP may be used for the following: - Buy an existing, new or
old, residential property; Buy a vacant serviced residential-stand; or Build a
residential property.
To qualify for the
FLISP subsidy, you must meet certain criteria determined by the Department as
well as the banks. It is available to all first-time residential homeowners
(who have already taken transfer) or homebuyers (whose home loan has been
approved by your bank) who earn between R3501 and R15000 a month.
The price of a property that can be financed
through FLISP is determined by the joint household income, of not more than
R15k per month.
Check out their website to find out more.
